Google Versus the Online Financial World

If Google hasn’t done it already they have now, in 2009 Google Australia plans to take on big business competing with payment giants such as Visa, MasterCard and B-Pay in the booming online market.

The Australian Securities and Investments Commission recently issued Google Australia with a licence for providing deposits and payment services within the online and digital Australian Market.

Competitors believe this is no major threat as Google Australia cannot provide cash-based payment services. However a survey published by Neilson this month showed that 7.3 million Australians shop over the internet, with 21 million people in Australia this is a significant proportion of the population. According to the survey credit cards were the most preferred form of online payment followed by PayPal and BPay.

Google Australia spokesman Rob Shilkin confirmed that the company was working on options to roll out an internet payments platform in Australia. This new licence potentially opens up a fresh revenue stream for Google which will be able to collect processing and transaction fees for bringing shoppers and merchants together via its websites.